Unless I Want To Take A Loss I Am Stuck

It’s Friday desk clearing time for this blogger. “Cape Coral and Fort Myers likely have the most vacant homes in the country among major metro areas, with 125,764 ‘ghost homes’ according to a new study from Cinch Home Services based on Census Bureau data. Fox 4 Senior Reporter Kaitlin Knapp has been covering Southwest Florida’s housing market for three years and found it didn’t take long to locate examples of these vacant properties: Two vacant homes were right next to each other, with many more in the neighborhood. ‘I see hundreds, possibly thousands in Cape Coral right now,’ said Arianna Falzone, a realtor with RE/MAX Nautical Realty. ‘Ghost homes I would consider anything that’s an investment that’s sitting vacant for a longer period of time.’ Falzone says these vacant properties include foreclosures, homes in probate, or nearly completed construction projects that were abandoned, like those found on Gator Circle. She attributes many of these vacancies to financial issues facing property owners.”

“‘I think a lot of that has to do with their bank loans falling short or they’re running out of money. Huge market downturns for the area,’ she said. ‘A lot of these builders are deciding to wipe their hands clean and go ahead and pass it on to the next person to finish up the job, which is naturally bringing a different comp scenario when you’re going to price out homes.’ Falzone says if you see no construction on a home for about two to three months, it’s likely going to be considered a vacant home. Or, a ghost home will have for sale signs come and go because the owner is indecisive about what to do with the property based on the market.”

“If you’re looking for a new home, we’ve got great news for buyers and renters! Selling a home? Sorry to be the bearer of bad news. According to the Houston Association of Realtors, prices are dropping, and housing inventory in May reached its highest level in nearly 13 years. There were 37,455 active listings of single-family homes, up 35% year-over-year. This is the highest volume of active listings since September 2007. Townhome and condominium sales declined 12.9% year-over-year. The median price declined 8.3% to $221,500. ‘With more homes to choose from and prices becoming a bit more favorable, people are definitely feeling more confident and getting back out there,’ HAR Chair Shae Cottar with LPT Realty said.”

“Home inventory is piling up in the seven-county Denver metro area, but the Colorado Association of Realtors says that despite there being the most active listings since 2019, home sales are not following the rising trend. ‘The past five years have left us wondering when the market would balance or be more buyer-friendly and, without a doubt, it is now,’ said Aurora-area Realtor Sunny Banka. The association reported that there are over 17,800 active listings in the Denver metro area, up more than 25% from this same time last year. Statewide, the association reported 31,268 listings in May, which is up 27% from May 2024. ‘Sellers are now grappling with the realization that they may not net as much for their home as they originally thought,’ said Fort Collins-area Realtor Chris Hardy. ‘Proactive sellers need to take a hard look at pricing and perhaps list their home for a bit less than what their neighbor’s home sold for a few months ago. Yes, the market is changing that fast.'”

“Right now, Arkansas agents say the market is experiencing calm waters. ‘We’re not in the frenzy we were in in 2021 and 2022 during COVID, but we certainly have a healthy real estate market in Hot Springs particularly,’ said Beau Durbin, principal broker at ESQ Realty Group in Hot Springs. ‘We’re seeing buyers want a deal. We’re seeing sellers sometimes thinking their property is worth more than it is, and we as agents sometimes have to make recommendations to our clients that they don’t want to hear.’ Bob Bushmiaer, executive broker at The Janet Jones Co. in Little Rock, has been telling his sellers they may have to be more patient when it comes to waiting for their homes to sell than a few years ago. ‘The days of getting multiple offers or even offers way over asking price are long gone, but if you still price your home correctly, if you market it correctly and have it ready for showings, your home will sell,’ he said.”

“When he purchased his condo unit at The Village at Petrini Place in 2010, David Polifko was making a bet on the up-and-coming Western Addition neighborhood. The area has changed, but so have his costs. In the last 15 years, Polifko’s homeowners association dues have increased from $500 to $1,100 a month, vastly outstripping inflation. On top of that, he and his neighbors had to spend $600,000 two years ago for a major renovation. When the HOA found coverage through an alternative provider, the quoted premium went overnight from $98,000 to $964,000, roughly $7,194 per unit. The deductible for a disaster rose from $10,000 to nearly $100,000. Condo owners across the city are navigating a perfect storm, as high interest rates, rising construction costs, an imploding insurance market, and a growing ‘blacklist’ of distressed properties have conspired to diminish values and make some sales seem impossible.”

“‘More and more people are questioning if they can sell their property today,’ said Polifko, who serves as the HOA board president. ‘The condo market was already tough, and it’s not getting any easier.’ Throughout the 2010s, condo values climbed, even as San Francisco added thousands of units to its housing stock. Then came the pandemic, which upturned the real estate markets and left the condo category as one of the losers. According to Compass data, the median value for a condo last year was down 6% from the peak in 2019. It takes nearly twice as long to sell a condo as a single-family home, the widest gap in 20 years. Despite these headwinds, Polifko views his home at Petrini Place as a good long-term investment. While fed up with the insurance industry and weary of paying more fees, the residents are largely happy with the results of the major projects that have been completed. ‘There’s no sense in trying to time the market,’ he said. ‘The only ideal time to buy is when you can afford it. At the end of the day, it’s yours.'”

“Tenants appear to still have the upper hand in Canada’s biggest rental market as Toronto’s condominium developers continue to add more newly completed apartments to the mix. ‘Tenants are moving from their higher-priced units they acquired last year, if they see the same unit they can get for $100-$200 less on the same floor,’ said Oyla Walker, a realtor with Chestnut Park Real Estate Ltd. ‘There’s a lot of that kind of unit jumping.’ ‘Tenants are reaching out to reduce the rent, not all of them, but some are,’ said Sundeep Bahl, realtor with Re/Max Plus City Team Inc. Mr. Bahl said the bargaining power tenants have is similar to the period during the pandemic when many residents fled the city. ‘In some situations, we’re telling landlords: ‘Don’t let them leave, compromise.’ But one group has not been looking at condos: buyers. ‘Condos have become toxic: nobody wants to own one, nobody wants to buy one,’ said Mr. Bahl.”

“When Nadia Bhamla got a letter from her freeholder telling her that if the fire alarm sounded in her building she must get out as quickly as possible she felt a strong sense of dread. Nobody has actually officially confirmed to Nadia what is wrong with the block, in Bow, east London – and not for want of asking. Nadia would also like to sell her flat and move on – now that she works from home her flat is too small, and costs are high because service charges have doubled since she bought it. But she is doubtful anybody will take it off her hands unless she cuts its price to the bone and walk away after eight years with a loss. Late last year some banks did start to offer loans on a limited selection of homes with cladding and fire safety issues, and a few of Nadia’s neighbours tried their luck. ‘The properties that have gone on to be sold have sold at a loss compared to their original price five years ago,’ said Nadia. ‘There are quite a few on sale, but very few selling. Unless I want to take a loss I am stuck. Everyone is definitely quite anxious, we have had a couple of small fires in the last few years and so there is that fear of having to evacuate all the time.'”

“The Thai residential property market, especially in Greater Bangkok, faces a tough year in 2025. These tariffs have triggered a wave of cancellations and lost deposits from Chinese business owners involved in exports. Tritecha Tangmatitham, managing director of Supalai, says he expects the Greater Bangkok housing market to drop to its lowest point in 15 years. Chinese buyers have played a major role in Thailand’s property market, especially in cities like Bangkok, Phuket, and Pattaya. Many of these buyers rely on export income from the U.S., and the new tariffs have created cash flow worries. Facing uncertainty, some have walked away from deals despite losing their deposits. ‘The tariffs from the U.S. have made it difficult for our Chinese customers,’ he shared. ‘We’re seeing more buyers back out, which is affecting our sales goals.'”

“Buyers could hold all the cards, based on a plunge in Auckland Council home valuations. On average, residential homes dropped nine percent from 2021 CVs. Real estate agent, Rawdon Christie, says buyers could use it to help beat down prices. He explained they’re making it clear they think they’re making a good offer – given values have dropped.”